CPM will oppose oil price hike: Yechury

Bangalore, Jan 21: Strongly opposing any move to hike the prices of petroleum product, Communist Party of India (Marxism) Politburo member Sitaram Yechury today advised UPA government to go for the change in the tax structure to set-off the losses suffered by the Oil companies.

Speaking to newspersons here today he said people had already been burdened from high prices of petro products and they cannot take any further increase. Stating that the Center could find other avenues to set-off the losses being incurred by the Oil companies, he said it can bring changes to the tax structure. "Going for increase of oil price should not be the sole option. The people belonging to lower half of the society are not in a position to take the burden of oil price hike and Left parties would oppose it vehemently," he said.